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Roundup: Singapore stocks end down 0.09 pct

Xinhua, December 30, 2015 Adjust font size:

Singapore shares closed 0.09 percent lower on Wednesday as volatile crude oil prices kept market players on edge.

While U.S. crude and Brent crude futures jumped 3 percent overnight in the U.S. market after losing ground on Monday as colder weather forecasts raised expectations of more demand, oil prices began Asian trading under pressure due to renewed fears of a supply glut among investors.

Singapore's benchmark Straits Times Index dropped 2.71 points to 2,885.51 points. Trading volume was 923 million shares worth 534 million Singapore dollars. Decliners outnumbered advancers 212 to 188, while 524 stocks did not move.

Among top actives, Noble Group plunged 9.1 percent to 40 Singapore cents. In a blow to the Singapore-listed commodities trader's efforts to retain its investment grade rating and slash debt by selling assets, Moody's Investors Service downgraded its rating to junk. Moody's cut Noble's senior unsecured bond ratings to Ba1, which represents junk status, from Baa3 and assigned a Ba1 corporate family rating to Noble.

SembCorp Industries inched up 0.3 percent to 3.06 Singapore dollars. It announced that it has formed a joint venture with Chongqing Energy Investment Group's subsidiary to invest in a 1,620-megawatt coal-fired power project in Chongqing municipality. SembCorp's unit, SembCorp (China) Holding Co, holds 49 percent stake in the joint venture, Chongqing Songzao SembCorp Electric Power. Chongqing Songzao Coal and Power, a subsidiary of Chongqing Energy Investment Group, holds the remaining stake.

Owned by the Chongqing municipal government, Chongqing Energy Investment Group is the largest energy production and supply group in Chongqing. Approvals from the relevant Chinese authorities were obtained for the formation of the joint venture.

Among the top gainers, Jardine Matheson rose 2.7 percent to 49.21 U.S. dollars, whereas Hong Kong Land became one of the top losers by falling 1.4 percent to 6.91 U.S. dollars. (1 U.S. dollar equals to 1.41 Singapore dollars) Enditem